Kraken Links Crypto Trading to SoFi's Banking Rails

Kraken and SoFi Technologies have formed a partnership that links Kraken's institutional trading platform to SoFi's banking rails. This deal will allow SoFi customers to route their crypto orders through Kraken Prime, which uses smart order routing to compare prices across multiple venues.

The agreement also includes the listing of SoFi's stablecoin on Kraken and the integration of Payward, Kraken's parent company, into SoFi's Exchange Network. This network enables real-time settlement between financial institutions.

Kraken Prime's institutional clients will gain access to SoFi's business banking services and round-the-clock fiat settlement, with qualified custody services to follow later. The partnership is the latest in a series of tie-ups between Kraken and established financial firms.